What is permanent life insurance?
It’s guaranteed lifelong coverage that protects the people you care about. But it’s more than just insurance. Over time your policy can build value you can access for cash during your life, with certain tax implications. You can access money in your policy through a loan or a withdrawal. And when you die, your beneficiaries (family and loved ones) receive a tax-free payment, similar to term life insurance.
What types of permanent life insurance are available?
Both Participating Whole and Universal life offer lifetime coverage and the opportunity for tax-preferred cash growth, but they’re structured differently.
Participating Whole Life Insurance:
1. Guaranteed Cash Values
2. Guaranteed Insurance Payout
3. Potential to Participate in Annual Dividend
4. Premiums stay the same
Universal Life Insurance:
1. Choose your investment accounts
2. Generally less expensive than participating life insurance
3. Flexibility in premium payments
What is Participating Whole Life insurance?
It’s lifelong coverage that pays whomever you choose a tax-free payment when you die. Your
policy is guaranteed to grow in cash value as long as you pay your premiums.
Cash value is the money that you can access while you're alive through loans or by withdrawing. Your insurance coverage may be reduced if you withdraw your cash value.
Your premiums are pooled in a separate account called the Participating Account with other policyowners. The funds are professionally invested/managed and may provide you with an annual dividend based on it's performance. You will participate in these dividends every year for until you pass away.
What is Universal Life insurance?
It's guaranteed, lifelong protection that lets you choose investment accounts and build your wealth. And it’s one of the most flexible and affordable products available that covers you for life.
There are two parts to a universal life insurance policy: insurance and investment components. You choose your investment accounts and growth can accumulate tax-preferred, within limits set by the government. You can withdraw or borrow from your policy, with certain tax implications. You can also choose who to leave your money to.
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